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Despite the Record in Bitcoin, They Haven't Sold Yet: It May Lead to a Correction - Coin Bulletin
Bitcoin saw its all-time high. However, following this historic peak, it retreated to as low as $97,000 over the weekend due to unexpected profit realizations and market manipulations.
Transaction data obtained from multiple exchanges revealed selling pressure concentrated particularly in the range of $99,000 to $99,500. Experts noted that manipulation techniques known as 'spoofing' were used at these levels. Spoofing is carried out by placing large sell orders to create panic in the market, followed by the cancellation of those orders.
In addition to these manipulations, it was observed that long-term Bitcoin investors realized significant profits. At the end of last week, Bitcoin investors made a profit of $443 million, reaching the highest daily realized profit level in Bitcoin history. This situation indicates that even long-term investors prefer to sell at these high price levels.
Technical indicators and market dynamics
Technical analyses show that Bitcoin's 'unrealized profit' levels have risen to 57 percent. This rate is approaching the peak of 69 percent in March 2024, indicating historical price corrections. However, the dynamics of the current market cycle present a different picture from previous cycles.